Long Beach bond rating reaffirmed

A credit rating agency has reaffirmed Long Beach's bond rating as one step above junk-bond status and improved the city's outlook from negative to stable.

Moody's Investors Service of Manhattan on Friday released a report that said the improved outlook "reflects improved fiscal controls and policies implemented by a new management team beginning January 2012."

In December 2011, the service downgraded the city's credit rating from A1, which its website defines as "upper-medium grade," to Baa3, which means "moderate credit risk."

A new Democratic-led city administration took office a month later, replacing the Republican leadership.